BETHESDA, Md., June 3, 2013 /PRNewswire/ -- Host Hotels & Resorts, Inc. (NYSE: HST) announced today that the Company acquired the fee-simple interest in the 426-room Hyatt Place Waikiki Beach in Honolulu, Hawaii for $138.5 million from an affiliate of Chartres Lodging Group, LLC and Morgan Stanley Real Estate Fund VII Global. Kokua Hospitality will continue to manage the hotel subject to a franchise agreement with Hyatt.
The hotel underwent a $45 million renovation and converted to a Hyatt Place in 2012. The hotel is located just 1.5 blocks from Waikiki Beach and is also in close proximity to the Waikiki Aquarium, the Honolulu Zoo and the Kalakaua shopping/entertainment district. Waikiki is a high demand leisure market with occupancy at nearly 90%, an internationally diverse demand base, and high barriers to entry.
ABOUT HOST HOTELS & RESORTS
Host Hotels & Resorts, Inc. is an S&P 500 and Fortune 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 104 properties in the United States and 15 properties internationally totaling approximately 63,000 rooms. The Company also holds non-controlling interests in a joint venture in Europe that owns 19 hotels with approximately 6,100 rooms and a joint venture in Asia that owns one hotel with approximately 300 rooms in Australia and a minority interest in two hotels in India and five hotels that are in various stages of development in India. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, St. Regis®, Le Meridien®, The Luxury Collection®, Hyatt®, Fairmont®, Four Seasons®, Hilton®, Swissotel®, ibis®, Pullman®, and Novotel®* in the operation of properties in over 50 major markets worldwide. For additional information, please visit the Company's website at www.hosthotels.com.
* This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks has any responsibility or liability for any information contained in this press release.
SOURCE Host Hotels & Resorts, Inc.